What banks/bank accounts do you recommend for sole props who are employed and then have side hustles under our legal names? Most banks need a minimum amount to avoid fees etc, any recommendations or personal preferences?
If you're a sole proprietor, there's no tax distinction between money in your business account vs. your personal account, so no financial disadvantage there. But if you're incorporated, that's a different thing and there many tax implications.
Some FI's have practice accounts on their self-directed account platforms, and I believe youth may be able to access? For extra training, but I could be wrong
Most practice accounts are only available to existing discount brokerage customers (mainly the big bank ones) so those would only be accessible to youth who are the age of majority. But the practice account with Questrade doesn't require this, so anyone of any age could test it out.
Hi Jessica As someone who is planning to come to Canada in next year May, I highly appperciate what you do. Thank you for your informative videos. Please do more... Can you please do a video for newcomers, What to do with money ? How to start investing ? What are the good investment methods / accounts ? etc... Keep up your good work. 😊 Best Regards Ishara from Sri Lanka 🇱🇰
@@jessicamoorhouse If you can, please do a video for newcomers to educate how to save money in Canada, how to invest and suitable investment methods, what are the best banking accounts / credit cards ? etc. It will be a goldmine for newcomers like us. Highly appperciate. 😊🤝
Great questions and great answers! Loved the collab 💕
Thanks Melissa!
What banks/bank accounts do you recommend for sole props who are employed and then have side hustles under our legal names? Most banks need a minimum amount to avoid fees etc, any recommendations or personal preferences?
Online banks. Ditch the big banks that always charge fees. Example include Tangerine, Simplii, Motive Financial, motusbank, Alterna Bank, EQ Bank.
what is the disadvantage of transfering your money from your businees account to your personal account then utlized in your personal account
If you're a sole proprietor, there's no tax distinction between money in your business account vs. your personal account, so no financial disadvantage there. But if you're incorporated, that's a different thing and there many tax implications.
Some FI's have practice accounts on their self-directed account platforms, and I believe youth may be able to access? For extra training, but I could be wrong
Most practice accounts are only available to existing discount brokerage customers (mainly the big bank ones) so those would only be accessible to youth who are the age of majority. But the practice account with Questrade doesn't require this, so anyone of any age could test it out.
I had fun chatting with you and answering these questions. Thanks for having me over Jessica 😊
Thanks so much for collabing with me Bisola! It was so fun!
Hi Jessica
As someone who is planning to come to Canada in next year May, I highly appperciate what you do.
Thank you for your informative videos. Please do more...
Can you please do a video for newcomers,
What to do with money ?
How to start investing ?
What are the good investment methods / accounts ?
etc...
Keep up your good work. 😊
Best Regards
Ishara from Sri Lanka 🇱🇰
Thanks so much and absolutely! I'm hopeful I'll have more capacity for UA-cam next year once I'm done writing my book. :)
@@jessicamoorhouse
Good luck with your new book. 😊
@@jessicamoorhouse
If you can, please do a video for newcomers to educate how to save money in Canada, how to invest and suitable investment methods, what are the best banking accounts / credit cards ? etc.
It will be a goldmine for newcomers like us.
Highly appperciate. 😊🤝